Spice Market in Honduras
Market Overview
After two years of growth, the Honduran spice market decreased by -
% to $ in . The market value increased at an average annual rate of +% over the period from 2007 to ; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the maximum level at $ in 2011; however, from 2012 to , consumption failed to regain momentum.
In value terms, spice production contracted to $ in estimated in export price. Over the period under review, the total production indicated a moderate increase from 2007 to : its value increased at an average annual rate of +% over the last fourteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, production increased by +% against 2018 indices. The most prominent rate of growth was recorded in 2010 with an increase of %. Over the period under review, production attained the maximum level at $ in , and then dropped in the following year.
The average yield of spices in Honduras soared to tons per ha in , jumping by % compared with figures. The yield figure increased at an average annual rate of +% over the period from 2007 to ; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the yield reached the peak level and is likely to continue growth in the immediate term. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.
In, approx. ha of spices were harvested in Honduras; increasing by % on the year before. The harvested area increased at an average annual rate of +% over the period from 2007 to ; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of % against the previous year. Over the period under review, the harvested area dedicated to spice production reached the peak figure at ha in 2015; afterwards, it flattened through to .
% to $ in . The market value increased at an average annual rate of +% over the period from 2007 to ; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the maximum level at $ in 2011; however, from 2012 to , consumption failed to regain momentum.In value terms, spice production contracted to $
in estimated in export price. Over the period under review, the total production indicated a moderate increase from 2007 to : its value increased at an average annual rate of +% over the last fourteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, production increased by +% against 2018 indices. The most prominent rate of growth was recorded in 2010 with an increase of %. Over the period under review, production attained the maximum level at $ in , and then dropped in the following year.The average yield of spices in Honduras soared to
tons per ha in , jumping by % compared with figures. The yield figure increased at an average annual rate of +% over the period from 2007 to ; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the yield reached the peak level and is likely to continue growth in the immediate term. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.In
, approx. ha of spices were harvested in Honduras; increasing by % on the year before. The harvested area increased at an average annual rate of +% over the period from 2007 to ; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of % against the previous year. Over the period under review, the harvested area dedicated to spice production reached the peak figure at ha in 2015; afterwards, it flattened through to .Consumption
After two years of decline, consumption of spices increased by % to tons in . Over the period under review, consumption saw a relatively flat trend pattern. Spice consumption peaked at tons in 2011; however, from 2012 to , consumption failed to regain momentum.
The revenue of the spice market in Honduras rose slightly to $ in , growing by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +% over the period from 2007 to ; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $ in 2011; however, from 2012 to , consumption remained at a lower figure.
% to tons in . Over the period under review, consumption saw a relatively flat trend pattern. Spice consumption peaked at tons in 2011; however, from 2012 to , consumption failed to regain momentum.The revenue of the spice market in Honduras rose slightly to $
in , growing by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +% over the period from 2007 to ; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $ in 2011; however, from 2012 to , consumption remained at a lower figure.Consumption by Type
Pimenta pepper ( tons) constituted the product with the largest volume of consumption, comprising approx. % of total volume. Moreover, pimenta pepper exceeded the figures recorded for the second-largest type, anise, badian, fennel and coriander ( tons), twofold. Cinnamon (canella) ( tons) ranked third in terms of total consumption with a % share.
From 2007 to, the average annual growth rate of the volume of pimenta pepper consumptions was relatively modest. With regard to the other consumed products, the following average annual rates of growth were recorded: anise, badian, fennel and coriander (+% per year) and cinnamon (canella) (+% per year).
In value terms, spices with the largest market size in Honduras were pimenta pepper ($), cinnamon (canella) ($) and anise, badian, fennel and coriander ($), together accounting for % of the total market. These products were followed by nutmeg, mace and cardamoms, spices except pepper or ginger, cloves, piper pepper, vanilla and ginger, which together accounted for a further %.
In terms of the main consumed products, vanilla, with a CAGR of +%, recorded the highest rates of growth with regard to market size over the period under review, while market for the other products experienced more modest paces of growth.
tons) constituted the product with the largest volume of consumption, comprising approx. % of total volume. Moreover, pimenta pepper exceeded the figures recorded for the second-largest type, anise, badian, fennel and coriander ( tons), twofold. Cinnamon (canella) ( tons) ranked third in terms of total consumption with a % share.From 2007 to
, the average annual growth rate of the volume of pimenta pepper consumptions was relatively modest. With regard to the other consumed products, the following average annual rates of growth were recorded: anise, badian, fennel and coriander (+% per year) and cinnamon (canella) (+% per year).In value terms, spices with the largest market size in Honduras were pimenta pepper ($
), cinnamon (canella) ($) and anise, badian, fennel and coriander ($), together accounting for % of the total market. These products were followed by nutmeg, mace and cardamoms, spices except pepper or ginger, cloves, piper pepper, vanilla and ginger, which together accounted for a further %.In terms of the main consumed products, vanilla, with a CAGR of +
%, recorded the highest rates of growth with regard to market size over the period under review, while market for the other products experienced more modest paces of growth.Market Forecast
Driven by increasing demand for spices in Honduras, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +% for the period from to , which is projected to bring the market volume to tons by the end of .
In value terms, the market is forecast to increase with an anticipated CAGR of +% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .
% for the period from to , which is projected to bring the market volume to tons by the end of .In value terms, the market is forecast to increase with an anticipated CAGR of +
% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .Market Structure
Affected by an intensive growth in domestic production, which will gradually displace imported products from the market, the share of imports decreased from % in 2007 to % in . Honduras domestic supply is expected to continue its growth.
% in 2007 to % in . Honduras domestic supply is expected to continue its growth.Trade Balance
Honduras remains a net exporter of spice; in physical and value terms, exports consistently exceeded imports from 2007 to . In , there was a significant trade surplus of tons, which was equal to $. This tangible trade surplus reflects the fact that the market remains buoyed by domestic production, and the industry is highly incorporated into the global market, which is likely to continue in the medium term.
. In , there was a significant trade surplus of tons, which was equal to $. This tangible trade surplus reflects the fact that the market remains buoyed by domestic production, and the industry is highly incorporated into the global market, which is likely to continue in the medium term.
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